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REIT Replay: Making it a habit

Real estate investment trusts and the broader markets stretched their gains Wednesday, Oct. 11, as the Dow Jones Industrial Average hit yet another record high.

The MSCI US REIT Index (RMZ) increased 0.39% to close at 1,167.26, and the SNL US REIT Equity Index gained 0.41%, closing at 317.59. The Dow Jones Industrial Average and S&P 500 each rose 0.18% to 22,872.89 and 2,555.24, respectively.

SL Green Realty Corp. is marketing its 36-story office tower at 600 Lexington Ave. in midtown Manhattan, N.Y., Real Estate Alert reported Wednesday, pegging the building's value at approximately $305 million.

Separately, Aareal Bank provided a $225 million leasehold mortgage to SL Green and partner Jeff Sutton to refinance the retail space at 650 5th Ave., also in Manhattan, The Real Deal reported Tuesday.

SL Green shares ticked up 0.39% to end the day at $104.90.

CoreCivic Inc. on Wednesday announced a $250.0 million offering of senior unsecured notes due 2027, with net proceeds earmarked for the partial repayment of borrowings outstanding under its revolving credit facility, among other uses.

Shares of CoreCivic added 0.12%, closing at $25.98.

Agellan Commercial REIT activist shareholder Sandpiper Group plans to launch legal proceedings in connection with its push for the REIT to hold a special shareholder meeting, according to a Wednesday release.

Agellan Commercial shares put on 0.51%, closing at C$11.85.

Cousins Properties Inc. is looking to sell its Orlando, Fla., office portfolio of more than one million square feet, the Orlando Business Journal reported Tuesday.

Cousins Properties shares fell 0.63% to close at $9.46.

Gladstone Land Corp. said Tuesday that its board increased the company's monthly cash distributions for the fourth quarter by 0.2% to 4.41 cents per common share.

Gladstone Land shares closed 0.37% higher at $13.68.

Teacher Retirement System of Texas and Blackstone Group LP's Blackstone Real Estate Partners set up a $400 million co-investment vehicle focusing on opportunistic U.S. property deals, IPE Real Assets reported Tuesday.

In a bid to meet its 2% REIT allocation, the Teachers' Retirement System of Louisiana is investing $400 million in REITs through Brookfield Investment Management Inc. and Dimensional Fund Advisors LP, IPE Real Assets reported Wednesday.

Eco Group, a joint venture between John Fugo of Montgomery Carolina Inc. and Kirk Bradley of Lee-Moore Capital Co., is developing an $800 million mixed-use project in Chatham County, N.C., the Triangle Business Journal reported Tuesday.

Department store chain Sears Canada Inc. said it intends to liquidate all its remaining stores after it failed to receive a "viable transaction" to continue as a going concern.

On the macro front, the Mortgage Bankers Association reported that U.S. mortgage applications for the week ended Oct. 6 fell 2.1% on a seasonally adjusted basis.

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Data Dispatch: US REITs raise $71.7B with 296 capital offerings through Q3: During the second half of September, publicly traded U.S. real estate investment trusts conducted eight capital offerings to raise a total of $2.20 billion.

Market prices and index values are current as of the time of publication and are subject to change.